Estavis AG, a subsidiary of Adler Real Estate AG, today concluded the acquisition of a portfolio previously agreed in early March 2014 with payment of the purchase price [we reported]. Adler’s Group portfolio therefore includes some 25,000 residential units. An agreement was concluded last week for a further 6,750 units, increasing Adler’s Group portfolio to approx. 32,000 residential units. The roughly 4,300 residential units with some 284,000 square meters of living space acquired by Estavis are divided over the German States of Bavaria, Berlin, North Rhine-Westphalia, Saxony and Saxony-Anhalt. The annual net rental income currently amounts to approx. €13.7 million. Together with the existing and the secured portfolio, Adler will generate annual rental income of roughly €108 million.

Some 650 additional Estavis residential units were refinanced in connection with Estavis’ portfolio acquisition; the total refinancing volume relates to real estate with a market value of approx. €225 million. „This refinancing will help further boost our financial position and increase positive cash flows from ongoing portfolio management,“ said Axel Harloff, CEO of Adler Real Estate AG. A total of 3,400 Estavis residential units will be held long term to further optimise the portfolio, while the remaining roughly 900 units will be sold off as a whole or as individual units.